AML 3.2.1
In this module, the terms and abbreviations listed in the table below have the following meanings:
AML | Means either "anti-money laundering" or this Anti-Money Laundering, Counter-Terrorist Financing and Sanctions module, depending on the context. |
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Means an |
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(1) In relation to a customer, means a natural person who ultimately owns or controls the customer or a natural person on whose behalf a transaction is conducted or a business relationship is established, and includes:
(a) in relation to a body corporate, a person referred to in AML Rule 7.3.3 (2) or (4);
(b) in relation to a foundation, a person referred to in AML Rule 7.3.5 (2) or (3); and
(c) in relation to a trust or other similar legal arrangement, a person referred to in AML Rule 7.3.6 (2) or (3).
(2) In relation to a beneficiary of a life insurance or other similar policy, means a natural person who ultimately owns or controls the beneficiary. |
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Any body corporate, including a limited liability partnership, whether constituted under the law of the |
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Means a place of business within the
(a) which has no separate legal personality;
(b) which forms a legally dependant part of a
(c) through which the
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Cabinet Decision No. 10 of 2019 | Means Federal Cabinet Decision No. 10 of 2019 on the Implementing Regulation of Federal Law No. 20 of 2018. |
Cabinet Decision No. 20 of 2019 | Means Federal Cabinet Decision No. 20 of 2019 regarding Terrorism Lists Regulation and Implementation of UN Security Council Resolutions on the Suppression and Combating of Terrorism, Terrorist Financing and Proliferation of Weapons of Mass Destruction, and Related Resolutions. |
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Has the meaning in chapter 2 of the Conduct of Business module. |
company service provider |
Means a person, not falling into parts (1)(a) to (e) or (g) of the definition of a
(a) acting as a formation agent of legal persons;
(b) acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;
(c) providing a registered office, business address or accommodation, correspondence or administrative address for a company, a partnership or any other legal person or arrangement; or
(d) acting as (or arranging for another person to act as) a nominee shareholder for another person.
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Has the meaning in GEN Rule A4.1.1. |
CTF | Means counter-terrorist financing. |
customer |
Unless otherwise provided, means:
(a) a person where, in relation to a business relationship between the person and a
(b) a
(c) a
(d) in relation to a
(e) a person with whom a
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Means the measures referred to in AML section 7.3. |
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Means:
(1) The following class of persons whose business or profession is carried on in or from the
(a) a real estate developer or agency which carries out transactions with a customer involving the buying or selling of real property;
(b) a dealer in precious metals or precious stones;
[deleted]
(d) a law firm, notary firm, or other independent legal business;
(e) an accounting firm, audit firm or insolvency firm;
(f) a company service provider; or
(g) a
(2) A person who is an
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Means a legal person which is incorporated or registered in the |
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A |
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Means an individual:
(a) who is employed or appointed by a person in connection with that person's business, whether under a contract of service or for services or otherwise; or
(b) whose services, under an arrangement between that person and a third party, are placed at the disposal and under the control of that person.
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Means undertaking |
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Means the |
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Means the publication entitled the "International Standards on Combatting Money Laundering and the Financing of Terrorism and Proliferation" as published and amended from time to time by |
Federal AML legislation | Means all U.A.E Federal Laws and their implementing regulations relating to money laundering, terrorist financing and the financing of illegal organisations, as well as sanctions compliance, including Federal Law No. 20 of 2018, Federal Law No. 7 of 2014, Cabinet Decision No. 10 of 2019 and Cabinet Decision No. 20 of 2019. |
Federal Law No. 20 of 2018 |
Means |
Federal Law No. 7 of 2014 | Means U.A.E Federal Law No. 7 of 2014 on Combating Terrorism Offences. |
FIU | The Financial Intelligence Unit of the U.A.E. |
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A regulated or unregulated entity, whose activities are primarily financial in nature. |
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Means a regulator of financial services activities established in a jurisdiction other than the DIFC. |
foundation |
Means a foundation established under the |
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Means the board of directors, partners, committee of management or other governing body of:
(a) a
(b) an unincorporated association carrying on a trade or business, with or without a view to profit.
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Means a
(a) any parent of the first entity; and
(b) any subsidiaries (direct or indirect) of the parent or parents in (a) or the first entity; or
(c) for a legal person which is not a body corporate, refers to that person and any other associated legal persons who are in an equivalent relationship to that in (a) and (b).
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Illegal Organisation | An organisation the establishment or activities of which have been declared to be criminal under Federal AML legislation. |
IMF | The International Monetary Fund. |
International Organisation | Means an organisation established by formal political agreement between member countries, where the agreement has the status of an international treaty, and the organisation is recognised in the law of countries which are members. |
Law | Means the Regulatory Law. |
legal arrangement | Means an express trust or any other similar legal arrangement. |
legal person |
Means any entity other than a natural person that can establish a customer relationship with a |
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A person admitted as a member of an |
MENAFATF | The Middle East and North Africa Financial Action Task Force. |
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Means the person appointed by a |
natural person | Means an individual. |
OECD | The Organisation for Economic Co-operation and Development. |
person | Means a natural or legal person. |
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Means a natural person (and includes, where relevant, a family member or close associate) who is or has been entrusted with a prominent public function, whether in the This definition does not include middle ranking or more junior individuals in the above categories. |
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Has the meaning given to that term in the |
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Means an exchange regulated by a |
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A person who does not hold a |
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Has the meaning given to that term in Rule 1.1.2. |
senior management |
Means:
(1) In relation to a
(a) for a
(b) for a
(c) for a
(2) In relation to a customer that is a body corporate, every member of the body corporate's Governing Body and the person or persons who control the day-to-day operations of the body corporate, including its senior executive officer, chief operating officer and chief financial officer. |
Shell Bank | A bank that has no physical presence in the country in which it is incorporated or licensed and which is not affiliated with a regulated financial group that is subject to effective consolidated supervision. |
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Means |
Single Family |
Has the meaning given to that term in the |
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Has the meaning given to that term in the |
source of funds |
Means the origin of funds which relate to a transaction or service and includes how such funds are connected to the source of wealth of a customer of |
source of wealth |
Means how the global wealth or net worth of a customer or |
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Means the U.A.E. |
Suspicious Activity Report (SAR) |
Means a report regarding suspicious activity (including a suspicious transaction) made to the |
transaction |
Means any transaction undertaken by a |
[Amended] DFSA RM132/2014 (Made 21st August 2014). [VER10/06-14]
[Amended] DFSA RM156/2015 (Made 9th December 2015) [VER35/02-16]
[Amended] DFSA RM196/2016 (Made 7th December 2016). [VER13/02-17]
[Amended] DFSA RM223/2018 (Made 18th April 2018). [VER14/07-18]
[Amended] DFSA RM231/2018 (Made 6th June 2018) [VER15/07-18]
[Amended] DFSA RM258/2019 (Made 26th June 2019). [VER16/07-19]